Editing General Motors (section)

===Chapter 11 bankruptcy and bailout===
{{further|General Motors Chapter 11 reorganization}}
In March 2009, after the company had received $17.4 billion in bailouts but was not effective in a turnaround, President [[Barack Obama]] forced the resignation of CEO [[Rick Wagoner]].<ref>{{Cite news | url= http://news.bbc.co.uk/2/hi/business/7971202.stm | title=GM chief Wagoner ousted by Obama |work=BBC News | date=March 30, 2009}}</ref>

General Motors filed for a government-backed [[Chapter 11, Title 11, United States Code|Chapter 11]] reorganization on June 8, 2009.<ref name=Slim>{{cite news | last=Vlasic | first=Bill| date=July 10, 2009 | title=G.M. Vow to Slim Includes Top Ranks |newspaper=The New York Times |url= https://www.nytimes.com/2009/07/11/business/11auto.html |url-status=live | url-access=limited | archive-url= https://web.archive.org/web/20120120184418/http://www.nytimes.com/2009/07/11/business/11auto.html | archive-date=January 20, 2012}}</ref><ref name=Primer>{{cite news | last=Maynard | first=Micheline | date=July 10, 2009 |title=A Primer on the New General Motors |newspaper=The New York Times |url= https://www.nytimes.com/2009/07/11/business/11primer.html |url-status=live | url-access=limited | archive-url=https://web.archive.org/web/20111018152537/http://www.nytimes.com/2009/07/11/business/11primer.html | archive-date=October 18, 2011}}</ref> On July 10, 2009, the original General Motors sold assets and some subsidiaries to an entirely new company, including the trademark "General Motors".<ref name=Slim/><ref name=Primer/> Liabilities were left with the original GM, renamed [[Motors Liquidation Company]], freeing the companies of many liabilities and resulting in a new GM.<ref name=Slim/><ref name=Primer/>

Through the [[Troubled Asset Relief Program]], the [[United States Department of the Treasury]] invested $49.5 billion in General Motors and recovered $39 billion when it sold its shares on December 9, 2013, resulting in a loss of $10.3 billion. The Treasury invested an additional $17.2 billion into GM's former financing company, GMAC (now [[Ally Financial]]). The shares in Ally were sold on December 18, 2014, for $19.6 billion netting the government $2.4 billion in profit, including dividends.<ref>{{cite web | url= https://sgp.fas.org/crs/misc/R41846.pdf |archive-url= https://web.archive.org/web/20210907131035/https://sgp.fas.org/crs/misc/R41846.pdf |archive-date=September 7, 2021 |url-status=live | title=Government Assistance for GMAC/Ally Financial: Unwinding the Government Stake | first1=Baird | last1=Webel | first2=Bill | last2=Canis |work=Congressional Research Service | date=January 26, 2015 }}</ref><ref>{{cite news | first=Greg | last=Gardner | title=U.S. exits Ally, auto bailout closed | work=USA Today | date=December 19, 2014 | url= https://www.usatoday.com/story/money/cars/2014/12/19/us-tarp-ally-auto-bailout/20659473/ | archive-date=September 3, 2015 | archive-url= https://web.archive.org/web/20150903225325/http://www.usatoday.com/story/money/cars/2014/12/19/us-tarp-ally-auto-bailout/20659473/ | url-status=live}}</ref> A study by the [[Center for Automotive Research]] found that the GM bailout saved 1.2 million jobs and preserved $34.9 billion in tax revenue.<ref>{{cite news | url=https://www.usatoday.com/story/money/cars/2013/12/09/government-treasury-gm-general-motors-tarp-bailout-exit-sale/3925515/ | first=James R. | last=Healey | title=Government Sells Last of Its GM Shares |work=USA Today |date=December 10, 2013 | archive-date=December 25, 2013 | archive-url= https://web.archive.org/web/20131225102318/http://www.usatoday.com/story/money/cars/2013/12/09/government-treasury-gm-general-motors-tarp-bailout-exit-sale/3925515/ | url-status=live}}</ref>

[[General Motors Canada]] was not part of the General Motors Chapter 11 bankruptcy.<ref>{{cite news | url=https://www.reuters.com/article/idUSTRE5502VY20090601 |title=Factbox – General Motors Bankruptcy Filing Law |work=Reuters |date=June 1, 2009 |first=Soyoung |last=Kim | archive-date=June 10, 2009 |archive-url=https://web.archive.org/web/20090610080458/http://www.reuters.com/article/idUSTRE5502VY20090601 | url-status=live}}</ref>